Prediction Market Kalshi Signals It Sees CFTC's Blessing for Midterm Election Bets

A countdown clock on its website ends today, indicating the service is optimistic regulators will let it offer contracts for the Nov. 8 election.

AccessTimeIconOct 28, 2022 at 3:56 p.m. UTC
Updated Oct 28, 2022 at 4:25 p.m. UTC

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.

Prediction market Kalshi is hinting strongly Friday that it expects U.S. regulators to approve its request to debut contracts linked to the Nov. 8 U.S. election.

At the top of its homepage, under the heading "Countdown to election markets," there's a clock counting down to midnight in the U.S. There is a caveat, though: a note saying "Pending regulatory approval."

Kalshi, unlike some alternatives, has taken a cautious approach to launching its service and introducing contracts, working closely with the U.S. Commodity Futures Trading Commission (CFTC) to get permission. An ex-CFTC commissioner, Brian Quintenz, is on its board.

Others have struggled to remain available for Americans. PredictIt, another prediction market, was told by the CFTC earlier this year to wind down its U.S. operations, though PredictIt has filed a lawsuit to overturn that decision. Polymarket, whose engine is a blockchain, is also barred from doing business in the U.S.


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Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.

CoinDesk - Unknown

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.